Credit Suisse
Operating 405 offices in 55 countries and employing over 50,000 people, this big Swiss cheese boasts the impressive ranking of Switzerland’s second-largest bank by revenue. A prestigious "bulge bracket" investment bank, Credit Suisse offers investment banking, private banking and asset management services to clients worldwide.
Pros
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Cons
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Employee Reviews
Life on the Job
Satisfaction with Work
- "The people I work with are talented, hard-working and friendly. There is a focus on completing the job, and everyone here is always willing to teach as well as learn. This is the first time I’ve worked in banking, and I definitely didn't imagine it could be this gratifying." -- Junior Analyst, Investment Banking
"I've grown to love the variety of the projects I'm assigned, and the range of people I interact with daily. I'm always learning and that's a big plus." -- Vice President, Global Markets
"The job requires constant, relentless involvement, so there is naturally a healthy amount of stress and pressure." -- Director, M&A
"I would be happier with my experience here if the bank implemented better communication across the divisions." -- Analyst, Investment Banking
"The working environment and the support for juniors is one of the best." -- Analyst, Investment Banking
"There's really no glass ceiling for anyone here; the desks are filled with very bright and fun people that want to succeed." -- Associate, Asset Management
"We are assigned huge responsibilities very early on, and are given the tools, platforms and training to deliver results." -- Associate, Investment Banking
"If you are hard-working and entrepreneurial, you will find Credit Suisse to be a good fit." -- Vice President, Fixed Income
Culture
- "Entrepreneurial and competitive." -- Vice President, Operations
"The culture is best described as collegiate, accommodating, dynamic and friendly. Managers, even at the highest level, are definitely approachable, and the more junior employees are given the opportunity and encouraged to make a real difference at an early stage in their career." -- Associate, Investment Banking
"I find the environment very busy and very supportive. All my peers are focused on getting the job done rather than yapping 'that's not my job'. I've learnt a great deal from interacting and working with the different departments across the firm and continue to learn more every day." -- Vice President, Asset Management
"I have worked here for seven years now and have enjoyed it enormously. On many occasions I have been given the opportunity to work elsewhere in the City but know I would have regretted any move to another firm." -- Senior Banker
"Having worked at several leading City banks, I have had quite a bit of experience with other company cultures and let me tell you that, for me, Credit Suisse tops the league in every aspect." -- Director
Hours, Pay & Perks
Hours
- "Family leave policies, paid sabbatical leave, flexible work arrangements and employee assistance programmes are just some of the initiatives that help make Credit Suisse an enjoyable place to work." -- Vice President, Investment Banking
"I've been working longer hours than I would ideally like because of client deadlines and the pressure I put myself under to deliver. I put in the extra hours because I want to establish myself at the firm." -- Associate, Investment Banking
"Analysts and associates can expect to put in long hours, no matter which bank they choose. It goes with the territory." -- Associate, Investment Banking
"I have access to the firm's network from my laptop, so I work remotely on the weekends if I don't need to meet anyone in the office. This allows me to be very flexible in an otherwise rigid work environment." -- Associate, Operations
"It's proved very difficult to find a balance between work and personal time, especially during the first several years. The resources provided by the bank ensure that we benefit from rapid career development with a very steep learning curve, but there needs to be a better work/life balance." -- Associate, Mergers and Acquisition
"As with all other major banks, the hours are far from good and I've had to sacrifice some of my personal life. But the work is rewarding." -- Vice President, Investment Banking
Pay
- "Pay and promotions lacks transparency." -- Associate, Investment Banking
Interviews
Interviews & Assessments
- "I went through two phone interviews and then was flown to London for a final interview. There, I met with several people from the firm, from other analysts to managing directors. The questions asked in my interview covered everything from personal interests to technical questions and career aspirations." -- Analyst, Investment Banking
"I interviewed with the quantitative group so the majority of the questions I was asked were mathematical. I was given a few puzzles and algorithms." -- Associate
"Be prepared for lots of interviews, numerical and verbal English tests as well as case studies. Hiring a candidate is a team based decision and so your fit within the group is an important factor for success in the interview." -- Vice President, Investment Banking
"Most questions were about why I was interested in the firm and interested in working in London." -- Associate, Operations
"Only bankers who have been trained in the selection are authorised to interview applicants." -- Insider
"They asked why I was interested in investment banking, what I knew about it, why I wanted to join Credit Suisse, why I chose equities, why not another department, my experience in finance and understanding the markets, and what sort of extracurricular activities I like." -- Analyst, Investment Banking
"The hiring process is quite lengthy compared to other banks. You'll meet with a lot of different people across all levels who will challenge you about why you want the role." -- Analyst, Investment Banking
"Extremely fair. The final decision is based on input from all sources, without any one interviewer having a greater say than another." -- Associate, Operations
"The interview process is not quite as tough as Goldman Sachs but just as difficult as any other bulge bracket." -- Associate
"Candidates will typically meet ten or more people (from different levels) who will test your technical, numerical, communication and soft skills, as well as market awareness." -- Analyst, Investment Banking
The Inside Buzz View
Graduate Careers at Credit Suisse
Have you got the grades? Think of yourself as a natural leader? Do you thrive in result-driven environments? Do you possess an analytical mind? Think you’ve got what it takes to make it in investment banking? While all of this may be a good start, ability alone is often not enough to impress the big Swiss cheese. Credit Suisse hires very carefully to ensure personality and expertise fit in with its target-driven firm culture. Entry-level positions are highly sought after and the firm scouts worldwide, offering graduate and internship positions for those eager to embark on a career in this competitive industry.
The Recruitment Process
The recruitment process at Credit Suisse varies depending on the type of position you’re applying for. Internship candidates can expect a shorter procedure than those applying for graduate schemes.
Prospective interns will have to submit an online application form, which will be followed up by a telephone interview, an online assessment and – if you have made it this far – you’ll be invited to a structured interview. The application form will assess your qualifications and experience whereas the telephone interview will focus on competency-based questions such as ‘Give me an example of when you put your communication skills to use’. The online assessment consists of a psychometric test and if you have succeeded in all of these areas, you can expect to be grilled on you career motivation and industry-specific knowledge in the final interview.
>> Practice Numerical and Verbal Tests used by employers
>> Practice In-tray / e-tray simulation tests
>> Improve your performance at Assessment Centres and Group Exercises
The hiring process for grads is more prolonged, usually consisting of three parts: first, the online application; next, numerous rounds of interviews; and finally, an assessment day with even more interviews, case studies and written verbal and numerical tests.
Provided you impress with your online application, get ready for several rounds of rigorous interviews, in which you will meet everyone from senior analysts and associates, to VPs and managing directors. The firm takes interviewing very seriously, so only bankers who have been trained in the selection process can interview potential candidates. The first round usually consists of three separate interviews and these tend to be more technical in nature. Later rounds focus on whether a candidate is a good fit for the position, based on intellectual capacity, commitment to the firm and industry, logic and analytical abilities, as well as writing skills and ethical decision making.
Graduate Programmes
Credit Suisse offers various graduate programmes that are aimed at Bachelor, Master, PhD and MBA graduates. Options are available in private banking, investment banking, asset management, information technology and shared services, so there should be sufficient schemes on hand to suit everybody’s interests. Typically, graduate schemes last between 12 to 18 months and are available at analyst and associate level.
Analysts
For the firm’s analyst programmes, Credit Suisse accepts graduates of any discipline. Entry positions are available in a variety of business areas including those with a strong focus on management. Hence product, project, and relationship management are popular departments for analyst roles, but equally high in demand are the consulting and research groups. The actual training period is made up of a mix of formal and informal training opportunities, geared at developing candidates’ soft skills and technical knowledge of the financial market.
Associates
If you’re more the associate type, you will need to present the firm with an MBA from a top business school – but that’s not all, you’ll also need to have a few years of work experience under your belt. Associates are active in most of the firm’s departments and will be given extensive training throughout their contracts.
Those with a Master or PhD in a quantitative field such as maths, engineering or physics, can apply to the firm-specific graduate programme for quants. In want are those with excellent analytical and problem-solving skills, which you can expect to apply from day one. Positions are obtainable across numerous areas, including credit risk management and investment services and products.
Internships
Although internships are not exactly long-term career options, they can certainly be a first stepping stone to landing a full-time position, and especially with Credit Suisse. If you perform well during the internship, you may find yourself being invited to an interview for one of the firm’s graduate schemes. Duties during the internship vary and can range from looking into trade ideas, conducting research, keeping orders for clients and helping directors and VPs – overall a great way to get your foot in the door if you’re hell-bent on joining Credit Suisse’s ranks.
Credit Suisse offers two kinds of internships, one running over the summer and one over the course of six months. The summer internship lasts 10 to 12 weeks and is available in various business areas such as asset management, investment banking and IT. The scheme is aimed at providing participants with a real insight into the industry and the firm, with on-the-job training and social activities thrown in the mix. Those in their second year can apply for Credit Suisse’s summer placements, but must be aware that the bank only accepts candidates with an excellent academic history and genuine career motivation.
Classic internships are also on the menu and are open to both Bachelor and Master students. Undergrads must be in their penultimate year to be eligible while all candidates need to be happy as Larry when it comes to getting results and showing off your organisational qualities. Expect to manage your own projects and be given high levels of responsibility early on – but no worries, you should be closely supervised and the training on offer will ensure your daily work runs smoothly. Past interns who have performed exceptionally well during the internship have been offered contracts for the firm’s junior career programmes. So make sure you’re in it to win it!
Credit Suisse Graduate Recruitment Info
Contact:
Graduate Recruitment Team
campusrecruiting.emea@creditsuisse.com
How to apply: www.credit-suisse.com/careers/campus_recruiting/en/
Credit Suisse Profile & Stats
Credit Suisse is the second-largest Swiss bank after UBS by revenue, and has offices in 26 countries. The firm has a history that spans more than 150 years, beginning in the mid-19th century when Alfred Escher founded Schweizerische Kreditanstalt (for our non-German readership, that’s Swiss-German for Swiss Credit Institution). The bank opened its first branch in Basel in 1905, and as World War II raged across Europe, Credit Suisse cut the red tape on its first international outpost in New York City in 1942. Over the following three decades, the bank grew within Switzerland, across Europe and internationally.
A Bit of Background
Having already established itself in the American market, Credit Suisse began its ‘cooperation’ with The First Boston Corporation in the US in 1978. Ten years later it acquired a controlling stake in the firm, after which the bank was renamed to Credit Suisse First Boston. The following year, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliances continued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity.
While the 20th century proved to be a success story for Credit Suisse, the start of the new millennium fostered more economic growth, and a rearrangement of the organisation’s structure. In 2002, the group famously restructured into two streamlined business units: Credit Suisse Financial Services and Credit Suisse First Boston. Two years later, in 2004, the group reshuffled again, forming three business units: Credit Suisse, Credit Suisse First Boston (CSFB) and Winterthur. Later that year, CSFB made financial headlines as one of the principal underwriters of Google’s historic $23billion IPO. Finally in 2006, Credit Suisse did not only celebrate its 150th anniversary, but also rebranded and shifted its structure once again to an ‘integrated bank’ model, dropping the First Boston affiliation, and becoming once and for all , Credit Suisse. Since then the bank has made some clever marketing moves by announcing acclaimed tennis idol Roger Federer as its ambassador, and by regularly representing itself as a forerunner for environmental sustainability and charitable citizenship programs.
A Closer Look at Divisions & Departments
The firm has three central pillars to its business: investment banking, private banking and asset management. The investment banking division – which provides M&A advisory, equity and debt capital markets, private placements and leveraged finance services – is one of the world’s largest, most profitable and most renowned investment banks.
The private banking business – which provides investment counselling and asset management to high-net worth individuals – has a global footprint and is touted as one of the world’s largest private banking organisations. Within its global asset management business, the firm offers a wide range of products, including equities, fixed income, multiple-asset class products and alternative investments, such as real estate, private equity and hedge funds.
